First Time Homebuyers Programs
Most commonly, people take advantage of the Federal Housing Administration’s first-time homebuyers program. The FHA guarantees a portion of home loans, which frees lenders to broaden their acceptance standards. With FHA backing, borrowers can qualify for loans with as little as 3.5% down.
FHA first –time homebuyer loans offer a lower down payment. These types of loans are offered at a federal level by the Federal Housing Administration and by most states.
Who qualifies for First Time Homebuyers Programs?
- Some credit and income requirements apply dependent on type of first time homebuyers program (specific to program)
- Must NOT be a current homeowner
- Minimum credit score of 640
Other options for first time home buyers
VA loans are also attractive to qualifying first time homebuyers. The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, often requiring no down payment or mortgage insurance.
Contact your FIRST AMERICAN MORTGAGE loan officer to learn how we can help you achieve your dream of homeownership.
First American Mortgage, Inc
1501 S. Ranchwood Blvd, Yukon, Ok. 73099